Diminished Value Claim
#1
Burning Brakes
Thread Starter
Diminished Value Claim
Anyone here file a claim on Diminished Value that can provide me with some tips. Had a guy attempt to make a left hand turn across traffic just as I was coming up to him and he caught me on the passenger side down to the back end of my 2014 TTS. As part of my insurance, the company is sending me the paper work to file the claim for the loss in value and I don't want to mess this up.
-TJ
A few pictures of the damage.
-TJ
A few pictures of the damage.
#2
Rennlist Member
This is a heartbreaking thread. Good Luck, I believe there are attorneys that specialize in these claims, you may want to research professional help, especially with a car of this value.
#4
Your insurance company will definitely try to hose you on this. Don't waste your time, get a lawyer who specializes in this.
#6
Rennlist Member
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#8
Rennlist Member
I believe diminished value claims vary by state. The only good is that your insurance company may be more lenient on your claim since they will be subrogating against the other insurance co. (unless you both have the same insurance company, then lookout!)
#9
Racer
I had a TTS that was repaired, 52K total repair bill. I obtained a diminished value report from two different companies and obtained trade in estimates in writing from several Porsche dealers and high end used dealers (including one company declining to make an offer due to history of collision).
Do not tell any of the dealers you are trying to get diminished value, they will not help you. In my case, I got trade offers of 139K before they knew about collison and 117 to 120K after they knew. I provided all information to the other party's insurance with a strongly worded demand letter taken from the internet and was able to get a fair offer without a lawyers fees. But I was lucky, many companies will fight you tooth and nail and offer a piddly 10%.
PM me if you want more specifics.
Of course, if the car is totaled you wont need to worry about this, It is a bit of a hassle.
Do not tell any of the dealers you are trying to get diminished value, they will not help you. In my case, I got trade offers of 139K before they knew about collison and 117 to 120K after they knew. I provided all information to the other party's insurance with a strongly worded demand letter taken from the internet and was able to get a fair offer without a lawyers fees. But I was lucky, many companies will fight you tooth and nail and offer a piddly 10%.
PM me if you want more specifics.
Of course, if the car is totaled you wont need to worry about this, It is a bit of a hassle.
#11
I'm with Hurricane on this. I go so far as to not even watch Nürburgring highlights whenever a crash involves a Porsche. It just pains me to see.
Good luck with your claim. Please keep us posted with how this turns out. Inevitably you're research will help others down the road.
Good luck with your claim. Please keep us posted with how this turns out. Inevitably you're research will help others down the road.
#13
Hire someone who specializes in diminished value to prepare an appraisal for insurance. No matter what you put on the form insurance provided, their offer will be really low. I have not resorted to this in the past, as I have only had a couple opportunities and they were both cheap cars, but many have recommended that route in the past.
#14
Rennlist Member
You need an attorney unfortunately.
I went through this. The attorney hired an expert witness to evaluate the car post repair and make a determination of loss.
I went through this. The attorney hired an expert witness to evaluate the car post repair and make a determination of loss.